Frequently Asked Accounting Questions
What services do Latitude Accountants offer?
Latitude Accountants provides a wide range of accounting and business advisory services, including bookkeeping, tax compliance, payroll management, financial reporting, budgeting, cashflow forecasting, and Xero setup and training. We also offer specialised services such as business purchase and sales assistance, superannuation, and Division 7A loan packs.
How does Latitude Accountants ensure compliance with the ATO?
We maintain strong relationships with the Australian Taxation Office (ATO) and ensure that all our clients’ financial records and lodgements comply with current regulations. Our team is constantly updated on the latest tax laws and practices to ensure accurate and timely submissions.
What is the Latitude Business Solution (LBS) Subscription?
The Latitude Business Solution (LBS) Subscription is a comprehensive package designed to provide ongoing accounting and advisory support for businesses. It includes consultations, ATO relationship management, advisory support, and full Xero setup, including customisation, payroll, and bank feeds.
Can Latitude Accountants assist with Xero setup?
Yes, Latitude Accountants specialises in Xero setup and training. We handle everything from basic setup to customising your Chart of Accounts, designing invoice templates, setting up payroll, integrating bank feeds, and providing comprehensive Xero training to ensure your team is proficient in using the software.
How do you manage my business’s budget and cashflow?
Our team provides detailed budgeting and cashflow forecasting services to help you plan and manage your business’s finances effectively. We analyse your financial data to create forecasts that help you make informed decisions about future expenditures and investments.
What industries do Latitude Accountants serve?
We serve a diverse range of industries, including trades, creative, retail, construction, hospitality, healthcare, professional services, and manufacturing. Our team has extensive experience working with businesses of all sizes, from startups to established enterprises.
How can Latitude Accountants help with business purchases and sales?
We offer expert advice and support during the process of buying or selling a business. Our services include financial due diligence, valuations, and preparation of necessary documentation to ensure a smooth and successful transaction.
Do you offer payroll management services?
Yes, we provide comprehensive payroll management services, including year-end payroll assistance, superannuation, workers’ compensation, and compliance with all relevant regulations. We ensure your employees are paid accurately and on time.
How can Latitude Accountants assist with superannuation?
We provide superannuation assistance to ensure your business complies with all superannuation obligations. This includes setting up and managing super funds, calculating contributions, and ensuring timely payments.
What is a Division 7A loan pack, and do I need one?
A Division 7A loan pack is a set of compliant documentation required when a private company provides loans or payments to shareholders or their associates. If your business is involved in such transactions, we can help you prepare the necessary documents to comply with Division 7A of the Income Tax Assessment Act 1936.
How do you ensure the accuracy of my financial statements?
We conduct thorough balance sheet reconciliations to ensure that your financial statements are accurate and reflect your business’s true financial position. Our team meticulously reviews all transactions to identify discrepancies and correct them promptly.
Can Latitude Accountants assist with workers' compensation?
Yes, we can help you navigate workers’ compensation requirements, ensuring your business complies with all relevant regulations and that your employees are adequately covered.
How often should I meet with my accountant?
We recommend regular meetings with your accountant to review your business’s financial performance and discuss any changes or challenges. The frequency of these meetings can be tailored to your specific needs, whether monthly, quarterly, or annually and can be done digitally.
What makes Latitude Accountants different from other accounting firms?
Latitude Accountants stands out for our personalised approach, industry expertise, and commitment to our clients’ success. We go beyond basic accounting services, offering strategic advisory support, comprehensive Xero setup, and ongoing consultations to help your business grow.